The global personal robots market generated a revenue of $21.5 billion in 2019 and it is predicted to progress at a CAGR of 7.8% between 2020 and 2030. Furthermore, the market will reach a valuation of $51.5 billion by 2030. The main factors driving the advancement of the market are the growing usage of security robots and domestic cleaning robots, the burgeoning requirement for home automation, and the rising public awareness about various types of robots across the world.
Additionally, the rapidly falling prices of personal robots are propelling the expansion of the personal robots market around the world. As per various reports, the prices of personal robots decline by 2–9% every year, thereby boosting their worldwide sales. Moreover, with the surging requirement for these robots in the developing nations, personal robot manufacturers are increasingly setting up their facilities and plants in the lower-cost regions as this would lead to the production of more affordable personal robots.
Apart from the aforementioned factors, the mushrooming sales of mobile robots are also driving the progress of the market across the globe. In the recent years, the popularity of mobile robots has skyrocketed all over the world, primarily because of the rise in security concerns. As these robots are equipped with automation and artificial intelligence (AI)-based systems, they have the ability to move from one place to another without requiring human assistance.
This makes these robots extremely suitable for spying and thus, they are also known as spying robots. Depending on offering, the personal robots market is divided into software and hardware categories. Of these, the software category is predicted to demonstrate faster growth in the market in the future. This is credited to the fact that software plays a crucial role in the functioning of personal robots, as it allows them to efficiently operate and move from one place to another.
Moreover, software makes the incorporation of latest features possible in these robots through various updates. For example, in the iRobot Corporation’s I series robots, the visual simultaneous localization and mapping (vSLAM) technology utilizes an optical sensor for allowing the robot to formulate a detailed map of the surroundings. Across the globe, the personal robots market will exhibit the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the estimates of the market research company, P&S Intelligence.
The factors fueling the expansion of the industry in the APAC region are the ballooning sales of personal robots, on account of the surging disposable income and the soaring purchasing power of the people residing in this region. Due to the declining prices of the robotic vacuum cleaners and the development of various advanced technologies, especially in the regional countries such as India, South Korea, Japan, and China, the sales of personal robots are shooting up in APAC.
Hence, it is safe to say that the market will demonstrate rapid expansion across the world in the coming years, primarily because of the declining prices of personal robots and the ballooning requirement for robots in various cleaning and security applications in several countries.
